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It is not uncommon to be short of money at the end of the month. How a family handles such situations is very important.
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If your family is short of $100 a month, and you borrow money with credit cards, the interest rate is 12%, the deficit will rise to $101 next month. Next month, the deficit will exceed $102. One year later, it rose to $113. Two years later, 127 dollars, three years later, 143 dollars. After 36 months, your new debt will be as high as $4308.
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If your credit card costs too much to borrow, such as 24% interest, your deficit will be $204 a month in three years. High interest rates have raised your debt to $5200.
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If you use payday loans to fill your budget, these figures are relatively flat. The cost of a payday loan will result in an annual interest rate of well over 100%. If your loan interest is 200%, your monthly loan amount will increase to 636 dollars in a year, and your loan balance will be an appalling 3215 dollars in a year. In less than three years, your loan balance exceeds the amount that the lender is allowed to advance on any payday.
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This discussion highlights the importance of using budget to control spending, which requires you and your family to make sacrifices together. If you can avoid borrowing money at the end of the month, you don’t need to worry about repaying the loan.
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If you run out of money on the last three days of each month, consider how you will spend those three days.
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Do you have emergency food, including milk powder and other staple foods, to help you get through the difficulties?
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Can you stop driving, walk, ride or carpool with friends to go to school or work? So you don’t have to borrow money to pay for the gas.
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Can you delay the purchase of new clothes until after receiving the salary?
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Does your church or community have a pantry that provides free meals?
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Are your parents happy to entertain you and your children for dinner?
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Most public institutions provide welfare programs to help others; Call to see if you are eligible for this month?
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Debt is a bottomless pit. If you don’t know the source of the debt, then this is the problem. No one is willing to fill the bottomless hole of debt all day!